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. Last Updated: 07/27/2016

ABB Restructures

ZURICH, Switzerland -- Asea Brown Boveri, the world's largest power engineering group, said Tuesday it was slashing 10,000 jobs in Western Europe and the United States while expanding in Asia.

The Swiss-Swedish company said that it would take an $850 million charge in the fourth quarter to cover restructuring and that 1997 income would be hit by $100 million from the delay in Malaysia's Bakun dam and another $100 million charge from its Adtranz 50-50 joint venture with Germany's Daimler-Benz.

Company Chief Executive Goran Lindahl said the restructuring plan was an aggressive response to the Asian currency turmoil, which in the short-term will sharpen global competition.